Genesis Mining Profitability Report and New Features

23Jun 2014

It seems we’ve been using Genesis Mining’s cloud mining services for two weeks already and have decided to do a short update on our experience with the service after our initial impressions form the service that we’ve shared earlier this month. You can see the list of transactions and payments we have received so far with 1 MHS worth of Scrypt hashrate at the service and the full hashrate set to BTC payments, so whatever the service has mined gets converted to Bitcoins and we get payed in BTC at the end of the day. As you can see from the numbers there are some days with better results than others, but you can get a good idea on what to expect as an average and be able to do the math multiplying the numbers for more megahashes if you are interested.

On a side note, the service as also started accepting DOGEcoin as a payment method for hashrate, though if you convert the 1 MHS price of $180 USD to DOGE the amount you get is quite big – 561909 DOGE (over half a million). And of course you already have the option to allocate the cloud mining hashrate that you purchase for mining DOGE in the control panel should you be interested in that. Initially the prices that Genesis Mining had for the Scrypt cloud mining hashrate were quite good, but with the latest price drops of the Scrypt ASIC miners you could be able to purchase Zeus-based ASIC miners for half the price for the same cloud mining hashrate. So this is something to consider as well when thinking about the possibility to go for the easier way of cloud mining, where you will not have to deal with actual hardware installation and management, including power usage, heat and noise generated by actual Scrypt ASIC miners.

You can also use the following up to date promo code to get a 2.5% discount of the regular price nSO2TE should you decide to try out the service yourself.

2 Responses to Genesis Mining Profitability Report and New Features

Thank you for the update of our service and also thank you for you previous in-depth analysis of Genesis Mining. We highly appreciate your review and we are working on improving our service in the areas you mentioned (in particular payout timing, and information available in the dashboard).

I would like to add a few comments on two points you raised in your update:

1) pricing: while the Zeus based miner looks cheaper at first glance, one has to take into account the high electricity cost for the Zeus ASIC miner. We had a longer discussion on bitcointalk. We have also a FAQ Isn’t buying the hardware cheaper? on the topic, which discusses all the hidden costs if you mine for yourself.

If you take everything into account (in particular electricity and opportunity costs) there will not be much difference. And we certainly have the better WAF for your mining project :)

2) Our conversion rates will be frequently updated from major exchanges like cryptsy.

I do not know exactly at which point in time you requested the price. For the 23rd of June cryptsy DOGE/BTC prices were in the area of 0.00000054. Assuming BTC/USD of 590 this results in 564971 DOGE = 180$. So this seems to be completely fair.

There is no extra fee if our users make a payment in altcoin! In fact we will lose a bit of money most of the time due to bid/ask spread and exchange fees if we convert to USD. Nevertheless, we do it because we want to support the altcoin space and we think in the long-term we will all benefit if altcoin is going well.

Thank you again for your balanced and interesting reviews! We are looking forward to read and learn more!

Well, I’m very happy with Genesis services. Been paying at a 10% monthly rate for the last month. No hiccups whatsoever. Got 2,5 Th/s plan and believe the ROI will come soon as the bitcoin prices tend to increse (+35% in October alone).

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